Two Broadway buildings headed for auction block

SARATOGA SPRINGS – Two buildings on Broadway measuring more than 42,000-square-feet will be auctioned off next month, setting the stage for more big changes to the heart of this tourist city’s downtown business district.

Days after a 22,500-square-foot Borders bookstore shut its doors at 395 Broadway, news broke that the popular Saratoga Shoe Depot at 385 Broadway and a three-story building at 322-328 Broadway and the corner of Spring Street will be sold at auction on May 4.

Owned by Frank Panza, the shoe store is 22,252-square-feet, and is located just a few doors from Borders. The multi-story building is 20,678-square-feet. It’s ground-floor retail stores are partially vacant, and it contains residential units and a theater in the upper floor.

“They are kind of important properties,” said Chuck Anderson, owner of Anderson Auction & Realty, which is promoting the properties.

Panza could not be reached for comment, but Anderson called the May sales standard real estate foreclosure auctions due to non-payment of mortgages. Citing a city official who could not be reached late Friday, the Business Review reported that Panza owes $227,850 in taxes on 385 Broadway, and $96,102 on 322-328 Broadway.The auction will take place at 11 a.m. May 4 at the Saratoga County Courthouse in Ballston Spa. Buyers will need a 10 percent deposit.

The Saratoga Shoe Depot, which filed for Chapter 11 bankruptcy protection last year, could close within 30 days after the auction, Anderson said.

The spector of two more giant storefronts on Broadway going vacant will further alarm city officials, who fretted over the closing of Borders. But Anderson thinks that they could change hands soon.

“We’ve already had interest in them from several companies,” he said.

Dennis Yusko

17 Responses

Strong possibility of yet another restaurant moving on Broadway into the Shoe Dept. location. I was told by woman that bought a “second home” condo in Saratoga (from NYC) that they regret their decision. She said they bought the condo thinking of it as a weekend getaway to a quaint, victorian village with unique boutiques and family restaurants. And what they got was a village taking steroids, trying to be much bigger than it can sustainably be. I thought that really summed up the state of Saratoga. Everyone trying to cater to the elite, displacing the small businesses that made Saratoga a gem to visit. Very disappointing.

Wow! Great opportunity for a store like Crate and Barrel or Pottery Barn or a Trader Joe’s Market. I think retail space would be better than another restaurant. Agree it’s not quaint but you need a heavy hitter to fill the space.

#1 Bicca, I have to disagree completely with you. I don’t know how much you have traveled but I defy you to find a town of 26,000 anywhere in the U.S. with as much charm as Saratoga. Your friend is an idiot who didn’t do enough research before buying her fantasy condo. Who “displaced” Shoe Depot? Borders? And Broadway and side streets are filled with “unique boutiques” and great restaurants. It’s as if you’re blind.

Well said, Mr. Sunshine. I look forward to “The Olive Oil Store”… not exactly your standard fare. Nor can any city claim such gems as Impressions, Ravenous, Frivolous, Lena’s, or Maestro’s. The list is endless… including the BEST children’s store in the WORLD- G. Willikers.

The “blind?” Indeed, walk among us. Forever bitter over some lost idyllic past… a past that exists only in their dark seething anger.

Oh Mr. Sunshine – are you the only one allowed an opinion? I travel more for my job than most people. And the woman I was speaking with was sitting next to us at one of the restaurants that Mr. York referenced. Her point was the unique stores are being pushed off Broadway or out of town because of rents they can’t afford. And if you remember your history, when Borders came in – a small, locally owned book store went out.

If building renovations follow suit, then Shoe Depot could become retail/business on ground floor followed by condos over that. And who will be able to afford the rents in that building? Big box chain stores. And what is left of that charming Saratoga you mention?

Mr. York – Impressions, Ravenous, G. Willikers; is JUST the type of charm that us blindly lost folks fondly enjoy. If we don’t start realizing that the town is becoming overpriced it won’t be long before those stores join the “lost, idyllic past”. And once a retail store moves off Broadway, they struggle. And it is only a matter of time before they moved back on if possible (and affordable) or they fail.

Sorry I missed your post in real-time Bicca. I was at Caffé Lena enjoying local singer/songwriter Michael Jerling along with a packed house. I understand if the $14 charge for two sets lasting 2 hours and 45 minutes kept you and your friends away. While Jerling’s literate brilliance is another thing I can understand, your words present a riddle, wrapped in a mystery, inside an enigma–

“I thought that really summed up the state of Saratoga. Everyone trying to cater to the elite, displacing the small businesses that made Saratoga a gem to visit. Unique stores are being pushed off Broadway or out of town because of rents they can’t afford. (My friends) regret their decision (to move to Saratoga). Impressions, Ravenous, G. Willikers; is JUST the type of charm that us blindly lost folks fondly enjoy. If we don’t start realizing that the town is becoming overpriced it won’t be long before those stores join the “lost, idyllic past”.

So…
the character is GONE because charming stores have in fact FAILED because they can’t cover the rent. And yet, the character is ALIVE and well in your (my) favorite stores that are in fact THRIVING and paying their rent. And yet, you’ve “realized” a fact that the city is becoming overpriced.

I’m a huge Saratoga fan and love everything the city has to offer, but Kyle’s statements are a bit hyperbolic. Come to Portsmouth, NH and you’ll see the same types of shops, restaurants, and music venues in a similarly sized city. You’ll also find the same overpriced boutiques and “high-end” restaurants that start and fail because they don’t meet a need in the local economy. I hope the olive oil store is a success, but was there really untapped demand for premium olive oil in the city or was this just an example of someone liking a store in a larger city and attempting to force it in a smaller market? There’s a lot of this in Saratoga already, how many boutiques with $200 jeans does the city really need? Bicca is wrong in the unique stores are being forced out argument, it’s the unnecessary and/or poorly run businesses taking up retail space that are closing. Saratoga needs some innovative ideas and retailers with business acumen to stop the trend of empty storefronts.

Portsmouth is a little smaller, at 21,200 but Rob’s (#8) point is well-taken. Portsmouth too is a very cool and charming place (love The Friendly Toast). He also makes some good points about risky poorly thought-out business ventures. Another point to add is the high rents charged by landlords, often a by-product of success. But, Rob, when I moved to Saratoga in the summer of ’76, there were far more empty storefronts, and empty second floors, and dilapidated structures everywhere, and musty out-of-date stores without customers than there are now. It took a long run of renovation and building in the 80s and 90s to bring Saratoga back to life.

Mr. Sunshine – Not going to argue the history of Saratoga with you, but I would say Saratoga’s success and popularity over the last 20+ years could also be its downfall. Rents are unlikely to come down (have they ever?) and you tell me, what does Saratoga truly need downtown? Where is there pent up demand that isn’t serviced by existing shops downtown and those by the Wilton Mall? Saratoga is a small city with visions of grandeur, but it should focus on being a well run small city first.

Also, the Friendly Toast is a disgustingly greasy diner that has violated numerous state health codes in the last several years while the owners have spent their time and money (or should I say their families’ money) opening a sister restaurant in Cambridge, MA. I had heard great things about the Toast only to come away longing for Compton’s.

I’ll be sorry to see one of my favorite stores close and yes I did find things to buy there in my price range( normal). For the last year or so it has been a shadow of its former self. I don’t think it was due to high rent.

High rents, high rents, high rents. Landlords, listen. The rents are too high. What king of busuness can go on the corner of Caroline and Broadway that can afford 5K+ per month during Saratoga’s many off months?

I don’t think people are getting the point here. This has nothing to do with high rents pushing out a local business. Frank Panza owns his building.

He didn’t want to invest in his business. Look at what the Shoe Depot has been over the last year. He didn’t invest in the right inventory to keep his customers coming back. I was a loyal Shoe Depot shopper until he stopped carrying good brands of shoes that always kept people coming back. This isn’t about high rents; Frank Panza decided his own fate.

325,000 dollars in back taxes? What took the city so long to collect?
A little know fact. Saratoga Springs pay the school department taxes and the County taxes when a business or resident does not pay.

I can only hope that 325K is all of the taxes..not just a portion

Small city with problems…We need a change in the way our city conducts it’s business.

The Saratoga Shoe Depot closing had nothing to do with Mr. Panza not paying his rent, as #13 said-he owns the building. What it has to do with, is mismanagement (or complete lack there-of), and an inability to listen to employees and customers who actually cared about the store and the quality being put forth.

Purchasing another building, when your current business is beginning to show signs of struggle, to then kick out all current tenants, therefore not being able to collect rent from said tenants, is not only irresponsible, but the sign of a poor businessman.

The Saratoga Shoe Depot was at one time, an asset to the city, providing a pleasant shopping experience full of product and knowledgeable and caring sales people. What has happened to the store since, is a shame, and leaves the city lacking a store which provides quality footwear for the entire family, in a range of prices.

I can only hope that if that desire is still present within him, that Mr. Panza is able to recover from this recent failure, and chooses to re-open the Saratoga Shoe Depot in another location (smaller perhaps?), and continue catering to all members of the family,and to all budgets.